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Many people are not making sure their money is working as hard as it can during this downturn – which means millions of pounds may be languishing in low-rate savings accounts.

Research by moneysupermarket.com has found that nearly a third of all savers have never even checked their savings rate and could be earning practically nothing on their hard earned cash. Nearly half of all savers have never changed their saving account.

Of these, 48 per cent have held their account for over a year so the rate will probably be significantly lower than when they opened their account – something they may not be aware of.

Kevin Mountford, head of savings at moneysupermarket.com says: “Many people stick with the same bank for a lifetime, and our findings show a third of savers opened their account over ten years ago. But when it comes to savings this could be a big mistake.”

If you don’t know how your money is working, it’s time for a change. Talk to a mortgage adviser about moving your money to somewhere where it can make a difference, every month. That might be a savings bond, an ISA or it could be an offset mortgage.

Right now, in this low rate environment, it’s harder than ever to make ends meet. Help yourself out by getting proactive with your savings and move them into a vehicle that will save you money and will help you get through the downturn.

SOURCE: Moneysupermarket.com, 11/07/09

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